Fidelity Investments

Fidelity Investments, also called FMR Corp., is a financial services conglomerate. It is one of the world's largest mutual fund companies. It has over 300 funds with 22 million individual and institutional investors. It manages mores that $1.2 trillion. It also has an online discount brokerage site and has investor centers throughout the U.S. and Canada and in Europe and Asia. FMR was founded by the Johnson family which currently controls most of the company. Abigail Johnson, one of the richest women in the U.S., is the daughter of and possible successor to Chairman and CEO Edward C. (Ned) Johnson III.

In August 2005 O'Dwyers PR Daily reported that Fidelity Investments had hired Hill & Knowlton "as its lobbyist dealing with Securities and Exchange Commission regulations." It reported that the two H&K staff managing the account were Frank Mankiewicz and Gary Hymel and that the company was under investigation by the SEC over receiving gifts and gratuities from brokers. In March 2008 the SEC "charged fund manager Fidelity Investments and 13 current or former employees including high-ranking executives for improperly accepting more than $1.6 million in travel, entertainment, and other gifts paid for by outside brokers courting the massive trading business Fidelity generates on behalf of the mutual funds it manages."

Political contributions
In 2004 James P. MacGilvray, then President of Fidelity Investments, was a Bush Pioneer (see Bush's Rangers) having raised at least $100,000 for Bush in the presidential election.

David C. Weinstein, Chief of Administration of Fidelity Investments, was another Bush Pioneer.

In the 2006 election FMR gave $475,500 to federal candidates through its political action committee - 43% to Democrats and 57% to Republicans.

Lobbying
The company spent $1,610,000 for lobbying in 2006. Seven lobbying firms along with in-house lobbyists were used.

Personnel
Key executives:
 * Edward C. (Ned) Johnson III, Chairman and CEO
 * Clare S. Richer, Executive Vice President and Chief Financial Officer
 * Roger T. Servison, President, Fidelity Strategic New Business Development

Contact details
82 Devonshire St. Boston, MA 02109 Phone: 617-563-7000 Fax: 617-476-6150 Web: http://www.fidelity.com

Related Sourcewatch articles

 * Robert M. Gates
 * Samuel W. Bodman
 * Fidelity Out of Sudan Campaign